Cryptocurrency Scams: You need to look out for – 2023

Cryptocurrency Scams: You need to look out for – 2023

The Information Technology industry is growing significantly. Per the report of various business companies, the total worth of the IT industry in 2022 is almost $9,258.51/ billion dollars and constantly increasing. But the problem is where Industrial growth and liberalization are growing. The IT sector serves its services amazingly, where some greedy people misuse their technical powers. We call them scammers or hackers commonly. Read more Cryptocurrency Scams: You need to look out for – 2023

The word scam is usually used in significant types of financial fraud. Still, from now on, if someone steals another person’s money, they will call him a scammer. But it’s not like that scam is a totally different thing. We’ll tell you about the reality and harsh outcomes of the world’s biggest financial scams. The top scam where hackers easily steal people’s hard-earned money is cryptocurrency scams top of the list. Some people already believe that Cryptocurrency is a spammy thing or technology where no one has a right to track or regulate transactions, which is a wrong approach.

What Is Crypto Scam

The primary reason for a crypto scam is the lack of knowledge people still need to gain fundamental knowledge regarding Cryptocurrency and blockchain. They assume to become billionaires overnight, which is quite strange and almost impossible without essential knowledge. You can’t survive and earn a single penny, and this lake of knowledge will destroy you and your future absolutely. Crypto fraud cases happen because of people’s substandard decisions, and scammers use this illiterate as an opportunity. They use various methods for scamming purposes, one being Bitcoin bonus email. In this method, they send you an email newsletter containing a title like, you got a bitcoin bonus email offer. Click on the link to avail this opportunity. 

So when someone clicked on that link, their information was directly sent to the hacker’s computer, and that’s what we said because of a lack of knowledge. Another example of Bitcoin investment scams is a fake advertisement. In this method, hackers run fake PPC campaigns to execute hacks, targeting only those who block websites via VPN or any other proxy browser. These examples are just a start.

Types of crypto scams are very long. This blog post discusses some common types of cryptocurrency scams, so keep reading if you’re a learner. 

Types of Cryptocurrency Scams

There are various crypto scams, some of which are very commonly used. Sometimes hackers develop fake cryptocurrency lists or trading platforms to fulfil their evil purposes. So this particular part is crucial.  

  • Bitcoin Bonus scams
  • Bitcoin Investment scams
  • Ponzi schemes 
  • Exit scams
  • Crypto scam phishing
  • Rug Pull crypto trading scams

Bitcoin Bonus Scams

In this particular fraud, scammers use their extraordinary technical skills to hack someone’s mobile phone, bank account, and trading account. They usually use some standard techniques of hacking. For example, firstly, they gather all your online information from all social media mediums you use. They create fake accounts on your friend details and send you different information regarding cryptocurrency scams or crypto trading scams. Please avoid it. But don’t believe in such a type of person. He is an actual scammer. 

Bitcoin Investment Scams

One of the most common examples of bitcoin investment scams has recently happened in the northern Chinese region. Police arrested people in digital money laundering of almost “US$1.7 billion”. The crypto gang execute this fraud by pyramid scheme (MLM) method and convert all bitcoins into stablecoins. Furthermore, the Chinese government took an immediate decision and banned all kinds of crypto trading operations in the country. However, China is the 4th largest crypto market in the world, and it’s tough for the people of China, who have already lost almost 1.7 billion dollars.

Ponzi Schemes

A Ponzi scheme is another type of crypto scam where usually the parent company promises a high return valuation to secondary investors. These schemes were executed by a group of people who used pyramid techniques. In crypto trading scams, fraud companies use pyramid schemes to manipulate investors. They also ensured that the risk factor in our project was deficient and the returns were very high, and that’s why people become dumb.

Exit Schemes

An exit scheme is also a fraudulent crypto trading scam in cryptocurrency exchanges, abruptly shutting down all their operations and stealing all the funds invested. The creator is that this scheme will usually disappear with the money, leaving investors with no resources and funds behind. An exit scheme is trendy now in cryptocurrency scam lists just because the number of exchanges and investors is increasing. 

Crypto Scam Phishing

In the crypto scam, phishing hacking experts use phishing techniques. This strategy is beneficial for information-gathering purposes. Furthermore, hackers launch their attack as a bitcoin bonus email or any bitcoin bonus scam document where a fake malicious code is inserted. When the targeted person clicks on the email link, they’ll redirect to another malicious page which looks exactly like the real one, and when they enter all his information like wallet address, account number etc., all his information is gone to the hacker’s computer, and that’s how crypto fraud cases happen in reality.

Rug Pull Crypto Trading Scams

In rug pull schemes, scammers “pump up” a new project, non-fungible token (NFT), or coin to attract investors. The fraudsters vanish with the money after obtaining it. These bitcoin bonus scams investments’ software forbids anyone from selling bitcoin after buying it, leaving investors with a worthless asset. To earn Cryptocurrency, investors had to play: People would purchase tokens for online games and then sell their extra earnings for other cryptocurrencies. Trading eventually ceased, and the funds vanished. As individuals tried but could not, the token value fell to zero. 

Man In the Middle Cryptocurrency Scam

Scammers can access bitcoin users’ private information when they log in from a public place. Any data exchanged over a public network, including passwords, bitcoin wallet keys, and account information, is susceptible to interception by scammers. A hacker can obtain this private information whenever a user is logged in by employing a man-in-the-middle attack strategy. Utilizing a virtual private network to block the middleman is the most effective defence against these assaults (VPN). All transmitted data is encrypted via the VPN, preventing hackers from accessing personal data and stealing Cryptocurrency.

These listed types of crypto scams are just one example where many crypto fraud cases happen daily. So learn and read properly before investing.

Employment Opportunities and Dishonest workers

Scammers frequently act as recruiters to access crypto wallets. They pull off this ruse by offering a desirable job while requesting cryptocurrencies in exchange for work-related training. There are other scams involving the utilization of remote workers. For example, North Korean IT freelancers are attempting to take advantage of remote job opportunities by putting up outstanding resumes and stating that they are based in the United States. The North Korean fraud that targets cryptocurrency companies was alerted to by the US Department of the Treasury. These independent IT contractors look for cryptocurrency work and use access to currency exchangers. To raise funds or steal information for the Democratic People’s Republic of Korea, they hack into DPRK systems. Additionally, these professionals perform other sophisticated IT jobs and apply their ability to obtain insider information to further the DPRK’s harmful cyberattacks.

Fake Cryptocurrency List

In this format, scammers use a website cloning strategy to clone any cryptocurrency exchange and add fake cryptocurrency lists. This type of website is slightly different by domain names. These fraudulent websites will even permit your initial withdrawal of a modest sum. The sites first appear to be completely real when you get your initial deposits and a few investments that appear to be profitable. More than one million investors lose money by using fake cryptocurrency list exchanges. The primary strategy behind this dilemma is that bitcoin bonus email hackers use this tactic because of high greed. To identify legit Cryptocurrency, you need some knowledge of the technical analysis process. Technical analysis is a process used by crypto experts to predict any coin movement or price fluctuation. This process will help you to analyze any specific crypto coin validation.   

  3. Xn– 
  5. Xn– 
  15. Dapp.tokenpocket-pro.orgdapp. 

Here is the fake cryptocurrency list for your future assistance.

What Is Bitcoin Mining Scam?

The digital currency mining process is one of the wealthiest opportunities for people willing to invest their money in digital assets. Bitcoin mining is not a scam, but some technical criminals use this opportunity to manipulate the natural process. Some legit websites offer ASIC miner technology used for bitcoin mining. On the other side, some of the illegitimate websites also use the same technique but for fraud. They attract users via social media platforms and send them some phishing webpages links. When the person tries to log in, all the details are directly sent to the person behind this scam.

Is Bitcoin Bonus A Scam? 

Surprisingly almost all bitcoin fraud cases happen because of the crypto bonus strategy. 

A phishing email is from a cryptocurrency website. It informs you that you have won some free Bitcoin or have been chosen to participate in a fantastic promotion to obtain free Cryptocurrency. The email frequently prompts you to click a link and provide your personal information. The fraudster can access your computer and turn on a keylogger simply by clicking the link. As a result, anything you type on your computer will be stored on their computer (personal details and passwords). This type of crypto scam is old. Now hackers are integrating new techniques for stealing. 

How to Spot A Bitcoin Scammer

It’s hard and almost impossible to recover money or coins from scammers. Cryptocurrency payments are only refundable if law enforcement agencies can still help their citizens. Institutional investors are constantly raising this point. That’s how we can stop such types of electronic fraud. However, cyber experts and researchers are still working on adding more security to blockchain technology. Still, this technical fraud eventually happens because of people’s foolishness. 

Cloud Token Scam Review

The latest cloud token scam review is recent. Chinese law enforcement agencies arrested 72 scammers with links with the cloud token scam review community. In 2018 crypto influencers/reviewers launched a cloud token (CTO) as a coin management payment system. Still, they just found this token to fool the people. We added this cloud token scam review to acknowledge affected people. 


What’s a Crypto Scammer

It’s a type of Ponzi scheme integrated by a technical scammer. Because of fewer investment opportunities, these fraudsters can easily attract people. It’s a harsh reality that many white-collar people have done this type of scam in the past. 

Can I Recover Money From A Crypto Scammer

Cryptocurrency transactions are usually held via a decentralized transaction process, meaning no one can track the transaction details. So you can’t recover your if it is stolen by cryptocurrency scams.

Final Thoughts

In this blog post, we tried our best to guide you about technical crypto scams. As you read, how many people are lost or affected by these scammers, and there is survival left behind. You need the best technical knowledge if you want to kickstart your career in the digital world. Is it more accessible than you think but not too challenging also? There are many resources available online which help you in career growth as well as in systematic investment. Some of the top popular crypto exchanges held workshops and webinars for those interested in crypto investment. Also, you can learn about blockchain technology and its implementation in real-world problems. Top cryptocurrency scams were held from 2020 to 2021 because of the bearish market. But if you have the knowledge and also an investment, the crypto market is a fruitful investment for you. But before investing your hard-earned money in digital assets, at least take basic knowledge of technical analysis. 

We at Distinguished work with top custom software development companies in complete technical fields. We have a list of top software development companies in the world that are already serving their best service around the globe. 


Leave a Comment